Payroll services providerPaychexhas turned in what CEO Martin Mucci called a "solid year" as the company reported results for the year ended May 31. The company reported a 6-percent increase in net income on a 7-percent rise in revenue. However, its outlook for fiscal 2013 is in line with general expectations for sluggish economic growth.
Net income hit $540 million for the most recently ended year, up from $515.3 million in fiscal 2011. Revenue for 2012 was $2.23 billion, compared to $2.08 billion the prior year. Payroll service revenue for 2012 was $1.51 billion, a 5-percent rise from $1.44 billion. And that was a sharp rise from the 2-percent growth in payroll from 2010 to 2011.

In a prepared statement, Mucci said the organic client base, which had declined for three years, was flat for 2012. However, the company recorded record service revenue with checks per payroll up for the ninth straight quarter. He also said that payroll client retention was near record levels.